US Shale Output Forecast To Reach Fresh Record High
US shale oil production in August is forecast to increase by 112K b/d m-o-m and 773K b/d y-o-y to a record high of 5.59M b/d, in the US Energy Administration’s (EIA) latest monthly Drilling Productivity Report. The largest growth is expected to come from the Permian basin (+64K b/d m-o-m and 484K b/d y-o-y). In June (the latest month which data is available for) the total rig count was 676, up by 23 m-o-m and 343 y-o-y. However, this is still well below the October 2014 peak of 1,309.